B. Bonds Company The following is a single-step income statement for the B. Bonds Company:
| B. Bonds Company Income Statement | ||
|---|---|---|
| For the Year Ended December 31, 2004 | ||
| Revenues | ||
| Net Sales | $200,000 | |
| Interest Income | 17,500 | |
| Total Revenues | $217,500 | |
| Expenses | ||
| Cost of Goods Sold | $50,000 | |
| Selling Expenses | 20,000 | |
| General and Administrative Expenses | 27,500 | |
| Interest Expense | 12,500 | |
| Income Tax Expense | 39,000 | |
| Total Expenses | 149,000 | |
| Net Income | $68,500 | |
Refer to B. Bonds Company. If the income statement were prepared in a multiple-step format, income from operations would be
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